Business & Investment

Restaurant Group Adds Another £ 500m Loan

Wagamama’s owner, The Restaurant Group, has added another £ 500m in mortgages and revealed that it runs out of £ 5.5m in cash each month as its branches remain closed.

  • The TRG said the loan would provide “improved liquidity and long-term financing.”
  • The company’s brands also include Chiquito, Garfunkel’s, Brunning & Price.
  • The hospitality facility will be fully reopened by May 17th

Wagamama’s owner, The Restaurant Group (TRG), warns that it expects to run out of £ 5.5m of cash each month until the end of the current national blockade.

The amount is the same as the company lost during the month-long closure in November, but about £ 2 million more than it was at the time of the first blockade.

The company, which also operates the Frankie & Benny’s dining chain, said it has also agreed to a new loan worth £ 500m with lenders to help repay other lines of credit and clear debt.

Frankie & Benny’s dining chain owners said they have agreed on a new loan worth £ 500m

The £ 120m revolving credit line will not mature until 2025 and the £ 380m term loan facility will mature the following year, so the new loan will offer “improved liquidity and long-term lending.” It was.

TRG is a brand that also includes Chiquito, Garfunkel’s, Brunning & Price, and has observed strong demand from an estimated 200 leisure and selfish stores during the current blockade.

Stand-alone delivery and take-out sales were about 2.5 and 5 times higher than pre-coronavirus levels.

About half of UK restaurants and pubs are closed, but said they are planning to reopen after the hospitality company’s restrictions are lifted.

“This group has the great ability to accelerate plans to reopen food trade once the current restrictions on the hospitality business are over and all viable sites are reopened within two weeks.”

Friday franchise owner Electra discusses new bar management franchise

Electra Private Equity, the owner of the British Friday’s franchise, said it is in talks with the American owner of the franchise to create a new franchise for the operation of the bar base.

Robert Cook, CEO of Electra, told The Times that New York-based TriArtisan Capital Partners could invest in the business.

“We have registered the 63rd and 1st brands worldwide. It’s ours, but we’re in the process of figuring out where it is,” he added. It was.

Under the government’s plan to loosen the curb announced last week, the hospitality facility will be allowed to serve customers outdoors by April 12 and will be fully reopened by May 17.

Hospitality companies were some of the companies most affected by the pandemic due to the blockade restrictions that forced the closure of pubs, restaurants and bars and the resulting loss of trade.

The restaurant group's brands include Wagamama's, which was served by Rishi Sunak last year as part of the promotion of the government's Eat Out to Help Out scheme.

The restaurant group’s brands include Wagamama’s, which was served by Rishi Sunak last year as part of the promotion of the government’s Eat Out to Help Out scheme.

The Technology Business Force estimates that the sector lost 660,000 jobs in 2020, with pubs down 22% and staff down 30% year-on-year in the restaurant industry.

TRG announced in June last year that the recession would close 125 branches in the UK and make up to 3,000 employees redundant.

The company’s sites in London, other major cities and airports are particularly affected by poor commuters, overseas travel and a growing desire to eat at local eateries.

Restaurant Group shares rose 5.4% to 114.8p in early trading.

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Restaurant Group Adds Another £ 500m Loan

https://www.dailymail.co.uk/money/markets/article-9311775/The-Restaurant-Group-adds-500m-loans.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Restaurant Group Adds Another £ 500m Loan

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